China Jo-Jo Drugstores (CJJD) Announces $10 Million Registered Direct Offering of Common Stock, Warrants
China Jo-Jo Drugstores, Inc. (Nasdaq: CJJD), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products and healthcare provider in China, today announced that it has entered into definitive agreements with several institutional investors providing for the issuance of 5,000,004 shares of common stock, at a purchase price of $2.00 per share, in a registered direct offering for aggregate gross proceeds of approximately $10 million. Jo-Jo Drugstores also agreed to issue to the investors unregistered warrants to purchase up to 3,750,003 shares of common stock. The closing of the sale of the securities is expected to occur on or about June 3, 2020, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The warrants will have a term of five and one half years, be exercisable commencing on the six-month anniversary of the issuance date at an exercise price an exercise price of $2.60 per share.
China Jo-Jo Drugstores intends to use the net proceeds from the offering for general corporate purposes and working capital.
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